Global oil prices: something is happening -- note the increase in Brent and OPEC basket, as well as the differential between WTI and overseas blends:
Global refineries: Prince Salman's "Vision 2030" is going to have a profound impact on global refineries. From oilprice:
A wave of new oil refineries coming online in the Middle East and China will knock others offline, ushering in a period of consolidation, according to a new report from Goldman Sachs.
Global oil demand has taken an enormous hit from the Covid-19 pandemic. Depending on who you ask, demand may recover swiftly, or it may take a few years, or demand may actually never recover to levels seen prior to the pandemic.
DNV just published a report that estimates that oil demand may have peaked in 2019, although it warned that demand in 2050 will still be about where it is today. Improvements in energy intensity offset economic growth, but because demand is mostly flat for the next few decades, the world makes little progress on climate targets in this scenario.